Updated about 5 years ago on . Most recent reply
Is it possible to buy an underwater reverse mortgaged property?
Hi, I'm currently talking to the heirs of a great potential brrrr property. The owner died with a reverse mortgage balance much higher than the value of the home. The heirs do not want anything to do with the property due to the large balance on the reverse mortgage as well as the condition of the home. I have tried contacting the lender myself about purchasing the property, however they told me that it would legally have to go to auction. Is there any way to legally work around this? I know the heirs have a 6 month period after the family member passes to work with the bank, is this only granted to the family to purchase?